The sad part is with this guidelines even I’m earning 80k a year I cant even afford a brand new baseline trim SUV from non luxury brands like Toyota and Honda.
These numbers are unrealistic in 2024 lol with the prices and payments you are saying we would all be driving 10‐15 yr old cars. And saying put 10k down when the average person doesn't have 1k for emergencies in real life 😂
I saved 4 years for my first car before buying it... and bought my next new car after 4 years with cash . People need to know how to save and perhaps work more than just 40 hrs a week.
Before buying a new or used car, save up money in advance and put the most money down... take out short loans... If you can't aford it dont' buy it .. If you already bought it and can't afford it , get another job work more hrs. I always had 2 or 3 jobs when I was younger as I wanted to drive new cars.
This is excellent information to share. This breaks down the reality of the car purchase. Hopefully this helps for people buying a car, to make it a blessing and not a curse.
Mark if you want to pay cash for a car at a dealership or private dealer is it worth getting it on finance for the wiggle room to haggle and get a lower price and then pay it off in a lump sum the following month?
About a week ago I sat down and figured out this exact numbers and proceeded to take myself out of the new car market. I thought I could afford one but 10 minutes of research told me otherwise. Good video keep it going
I paid cash for my last car. Last year, someone crashed into and totaled my car. There were not many cars in lots February 2023. I never even considered a used car as the prices were ridiculous; they were more than the same cars new. I found a new compact SUV or crossover that had the most features for the lowest price. There were two available on the lot at the time I purchased the car. There were a couple the week before at another dealer, but I hesitated, and they were already gone. I had done the research and knew the downsides to the car I chose. But I never considered anything more expensive. I knew $45,000 or over for a car was a waste of my money. Even if the engine holds up, other aspects of the car deteriorate. I know because I hold onto my cars until they are no longer drivable (either because of accidents or too many repair costs or because the body rusts out). And the way people drive these days, everyone is riding on luck until someone smashes into their car, lies about it, and the insurance company calls it a total loss because the air bags went off, and then gives you the lowest amount they possible can for your car. I have financed the other cars I purchased: one while I also paid off my student loans when I was first out of school and earning a tiny, tiny salary not meant to cover such a heavy financial load. It wasn't even capable of covering the student loans. Thus far, my car runs fine. No problems. But it isn't pleasant every time someone on RUclips tells me my car is junk, and I was a fool to buy it, and that I should have purchased a more expensive car.
I find it amazing that people don't sit down and work out their finances. I think this video might help a lot of people. Good one Mark. 👍 Over 43 years, I've owned only 3 cars. I don't believe in being a slave to monthly payments.
@@markholubetz - Don't get me wrong, I LOVE cars. My favorite was my 1986 Monte Carlo. It was like driving a boat down the road. Smooth as silk bc it had a VERY LONG wheel base. The overall length was 16feet 8 inches. She was two tone grey. I was sad to have to let her go after 14 years.
crazy how people are willing to sign themselves into financial slavery for a fairly quick depreciating item. my definition of insanity to drive a status symbol, when the warrenty expires,the normal maintenence & repairs will be as bad or worse than the payment.THEIR DESIGNED TO FAIL.why ford is recall king, they fail before warrenty is over.hence recalled.
Look, just be smart with what kind of vehicle you purcahse. Do your research to make sure it's reliable/low maintenance. If you have bad credit, then you might want to wait to get a newer; if you have great credit then go right ahead and get that vehicle. Just make sure you can comfortably afford the payments. If you're struggling, make the effort to better your situation to the best of your ability. We are all going to parish one day, so don't stress over something that isn't forever.
I leased one car and it turned out good, we got rear ended about 5K in damage and when I turned in after repaired no penalty had I owned that car the value of the car would have been worth 5 k less
I cringe at the thought of anyone financing or leasing a new car. That's a sure-fire way to ensure to never build personal wealth. We all know that guy from high school that bought a really cool car as soon as he started working full time. He still drives a cool car, but he's living in a rented apartment, and will rely entirely on his pension to survive retirement. Then there's the guy who would have liked that nice car, but drove shitboxes while he paid off his mortgage, saved for his kid's educations, and saved for his retirement. He now has that cool car, actually a bunch of them. If you have to replace a broken down wreck and you find a decent working vehicle for $5k, but need your bank to spot you $2k for a few months, i get that. I've been there. But financing a new expensive vehicle - you might as well stand in front of the toilet flushing $100 bills down.
Im driving a 21 year old Toyota Celica thay ive modified over the 12 years ive owned it. Next car, f type and i dont plan on financing it.. its just too much interest. Paying upfront is hard but theres no viable alternative really. I wont be touching my salary if things work out with my investments but i should be spending my money on buying a house. I need my salary income spare to pay a mortgage and save for repair costs on the f type.
Did I make a good choice? 100k a yr n I Bought a 2020 ford explorer 30 k at 6.95 interest 698 a month for 4 yrs but I pay 1k to dig into the $200 interest that accumulates every month
While I somewhat agree with this I make around 85k a year and have bought $50k cars that I've paid cash or financed for 6 months. It is possible to drive a cool car and not have a payment if you have the fortitude of saving before.
If I saved up 50k, I’m not spending it on a vehicle, I’ll spend half of it on a car maybe. It’ll all depend on my options, but that money is better invested in appreciating assets. My car is 10 years old, I bought it when it was 5 years old. Paid 6600 cash for it. I maintain it myself except for the tire rotation and balancing
@@Savvynomad225 Good for you, some people like cars, others is just a means to an end, I am the former so I work hard to pay for the car I like to drive.
@@MR3DDev I like cars too, but I like wise investing more and cars are rarely a wise investment, unless you’re buying classics with appreciating value. If I didn’t like cars, I wouldn’t be a grease monkey with all the mechanics tools and equipment to do my own oil changes, tune ups etc.
@@Savvynomad225 Again good for you. I happen to be blessed to earn enough to pay for the cars I love without drowning in debt. We all enjoy different things in life.
It doesn’t mater how much you put down. The dealer will suck that money up in the trade. There is no good answer. If someone can save up 8 to 10K cash buy a house
The sad part is with this guidelines even I’m earning 80k a year I cant even afford a brand new baseline trim SUV from non luxury brands like Toyota and Honda.
These numbers are unrealistic in 2024 lol with the prices and payments you are saying we would all be driving 10‐15 yr old cars. And saying put 10k down when the average person doesn't have 1k for emergencies in real life 😂
I know it’s very difficult but honestly a larger down payment and a lower end vehicle may be what it takes for many, including myself.
It’s called self control. Don’t buy it if you can’t afford it. Common sense.
I saved 4 years for my first car before buying it... and bought my next new car after 4 years with cash . People need to know how to save and perhaps work more than just 40 hrs a week.
Totally agree
Love your content! Look forward to your daily posts. Thanks for doing what you. Keep up the great work!
Yes! Always looking forward to your videos! 🎉🎉🎉
Thank you very much
Before buying a new or used car, save up money in advance and put the most money down... take out short loans... If you can't aford it dont' buy it .. If you already bought it and can't afford it , get another job work more hrs. I always had 2 or 3 jobs when I was younger as I wanted to drive new cars.
Yes the bigger down payment, the better. 20-4-10 rule
Remember, life's too short, to drive boring cars...
Yeah what happened to that 😅
This is excellent information to share. This breaks down the reality of the car purchase. Hopefully this helps for people buying a car, to make it a blessing and not a curse.
I drive my vehicles for over 10-15 years and drive it till it owes me nothing then keep driving it.
The car prices and loans ruins a consumers ability to own a house. We haven’t even seen the entire fallout from the long term loans
Mark if you want to pay cash for a car at a dealership or private dealer is it worth getting it on finance for the wiggle room to haggle and get a lower price and then pay it off in a lump sum the following month?
About a week ago I sat down and figured out this exact numbers and proceeded to take myself out of the new car market. I thought I could afford one but 10 minutes of research told me otherwise. Good video keep it going
I paid cash for my last car. Last year, someone crashed into and totaled my car. There were not many cars in lots February 2023. I never even considered a used car as the prices were ridiculous; they were more than the same cars new. I found a new compact SUV or crossover that had the most features for the lowest price. There were two available on the lot at the time I purchased the car. There were a couple the week before at another dealer, but I hesitated, and they were already gone. I had done the research and knew the downsides to the car I chose. But I never considered anything more expensive. I knew $45,000 or over for a car was a waste of my money. Even if the engine holds up, other aspects of the car deteriorate. I know because I hold onto my cars until they are no longer drivable (either because of accidents or too many repair costs or because the body rusts out). And the way people drive these days, everyone is riding on luck until someone smashes into their car, lies about it, and the insurance company calls it a total loss because the air bags went off, and then gives you the lowest amount they possible can for your car. I have financed the other cars I purchased: one while I also paid off my student loans when I was first out of school and earning a tiny, tiny salary not meant to cover such a heavy financial load. It wasn't even capable of covering the student loans. Thus far, my car runs fine. No problems. But it isn't pleasant every time someone on RUclips tells me my car is junk, and I was a fool to buy it, and that I should have purchased a more expensive car.
You do you. F the rude commenting Aholes on RUclips. They aren’t paying for it.
I find it amazing that people don't sit down and work out their finances. I think this video might help a lot of people. Good one Mark. 👍
Over 43 years, I've owned only 3 cars. I don't believe in being a slave to monthly payments.
That is a great way to be especially if a person wants to enjoy other things in life
@@markholubetz - Don't get me wrong, I LOVE cars. My favorite was my 1986 Monte Carlo. It was like driving a boat down the road. Smooth as silk bc it had a VERY LONG wheel base. The overall length was 16feet 8 inches. She was two tone grey. I was sad to have to let her go after 14 years.
What if cars is their enjoyment in life? aka Hobby?@@markholubetz
crazy how people are willing to sign themselves into financial slavery for a fairly quick depreciating item. my definition of insanity to drive a status symbol, when the warrenty expires,the normal maintenence & repairs will be as bad or worse than the payment.THEIR DESIGNED TO FAIL.why ford is recall king, they fail before warrenty is over.hence recalled.
Sounds like a marriage
Look, just be smart with what kind of vehicle you purcahse. Do your research to make sure it's reliable/low maintenance.
If you have bad credit, then you might want to wait to get a newer; if you have great credit then go right ahead and get that vehicle. Just make sure you can comfortably afford the payments.
If you're struggling, make the effort to better your situation to the best of your ability. We are all going to parish one day, so don't stress over something that isn't forever.
I leased one car and it turned out good, we got rear ended about 5K in damage and when I turned in after repaired no penalty had I owned that car the value of the car would have been worth 5 k less
That sounds OK
I cringe at the thought of anyone financing or leasing a new car. That's a sure-fire way to ensure to never build personal wealth. We all know that guy from high school that bought a really cool car as soon as he started working full time. He still drives a cool car, but he's living in a rented apartment, and will rely entirely on his pension to survive retirement. Then there's the guy who would have liked that nice car, but drove shitboxes while he paid off his mortgage, saved for his kid's educations, and saved for his retirement. He now has that cool car, actually a bunch of them.
If you have to replace a broken down wreck and you find a decent working vehicle for $5k, but need your bank to spot you $2k for a few months, i get that. I've been there. But financing a new expensive vehicle - you might as well stand in front of the toilet flushing $100 bills down.
You don't tell them you paying with cash intill you agree on the out the door price😅
By your numbers, almost nobody could buy new cars. If no one buys new cars, there are no used cars coming to the market and prices will go higher.
Im driving a 21 year old Toyota Celica thay ive modified over the 12 years ive owned it. Next car, f type and i dont plan on financing it.. its just too much interest. Paying upfront is hard but theres no viable alternative really.
I wont be touching my salary if things work out with my investments but i should be spending my money on buying a house. I need my salary income spare to pay a mortgage and save for repair costs on the f type.
One can easily over spend what they can really afford.
Did I make a good choice? 100k a yr n I Bought a 2020 ford explorer 30 k at 6.95 interest 698 a month for 4 yrs but I pay 1k to dig into the $200 interest that accumulates every month
Yes. Payment fits under 10% of disposable income. Enjoy your Explorer.
I could afford a new car payment but I'd rather throw that car payment money at my mortgage instead.
5yr/$1500 month here🙋
While I somewhat agree with this I make around 85k a year and have bought $50k cars that I've paid cash or financed for 6 months. It is possible to drive a cool car and not have a payment if you have the fortitude of saving before.
Exactly and saving cash to buy keeps you out of payments. Huge win.
If I saved up 50k, I’m not spending it on a vehicle, I’ll spend half of it on a car maybe. It’ll all depend on my options, but that money is better invested in appreciating assets. My car is 10 years old, I bought it when it was 5 years old. Paid 6600 cash for it. I maintain it myself except for the tire rotation and balancing
@@Savvynomad225 Good for you, some people like cars, others is just a means to an end, I am the former so I work hard to pay for the car I like to drive.
@@MR3DDev I like cars too, but I like wise investing more and cars are rarely a wise investment, unless you’re buying classics with appreciating value. If I didn’t like cars, I wouldn’t be a grease monkey with all the mechanics tools and equipment to do my own oil changes, tune ups etc.
@@Savvynomad225 Again good for you. I happen to be blessed to earn enough to pay for the cars I love without drowning in debt. We all enjoy different things in life.
$1,000 a month?
Are they living in it?
🙄😒
Idiot's will drive their money and wear it on their back!
Thats a super easy question 0.00😂😂😂😂
Thanks
Money must be grow on trees because people are spend like it never end
They seem to indeed
It doesn’t mater how much you put down. The dealer will suck that money up in the trade. There is no good answer. If someone can save up 8 to 10K cash buy a house
Thanks
10% of monthly income on everything automotive, get real.
Sadly many people spend beyond their means
Boooooring
Thansk
Actually, an engaging presentation. Thanks.